Since 2015, there has been a surge in the number of people setting up their own small businesses or becoming freelancers or sole traders in the United States and Europe.
This is a great thing, as more people are now investing in their own skill sets rather than waiting around for a boss to recognize them. This has also allowed more people to realize their potential – but when it comes to setting up a business or becoming a sole trader, irrespective of the country, there are a few things you need to be aware of, especially with legal help for your business.
This can be tricky, as few people have experience with handling legal matters in day-to-day life. While it can be intimidating to go on the hunt for the right legal help for your business, there are some things you can do to make it easier and, in this article, some of these tips are discussed.
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Consider The Structure to Get Legal Help For Your Business
First, consider the structure of your business or company. If you have less than 100 people working for you, your business would be considered a small company. If you work for yourself, you’re a sole trader. So the type of legal help you want would differ depending on your type of business – some lawyer headhunter companies will be able to help you to find the right person to represent you. Remember, the structure of your business will be important in relating to taxes as well as internal schemes for paying employees, and you may find that different lawyers have different areas of expertise even in this niche.
Search For Lawyers
Alternatively, rather than hiring somebody to look for a lawyer for you, you can do it yourself. It is ideal to do so via other small businesses in your area. Ask and enquire about legal teams that have defended or are maintaining similar businesses in your area of sales, as this will help you to find the right people quicker.
Check Fees
It can be tempting to hire a lawyer that is proclaiming to offer all of their services for a set fee, especially when you are a small business. However, it’s important to consider the small print so to speak, and in some instances, it can be better to hire a single lawyer rather than one working for a firm. They will likely be more down-to-earth with you on the fees that they charge for overseeing your business’s legal structure, and they will not delegate the tasks that you need from them to lesser trained people in their firm.
Anti-Money Laundering
Even if you have a tiny business, you will need to be aware of money laundering and specifically the anti-money laundering regulations in your state. Hiring a legal team to help your business is vital in this area, as they can advise you on how to stay on the good side of the IRS and will prevent you from being investigated for tax evasion or fraud, which is not something you will want to go through!
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